Anand Mahindra to step down from the post of Mahindra Group's Executive Chairman in 2020
Mahindra & Mahindra announced that Anand Mahindra will transition to the role of non-executive chairman from the executive chairman, effective from 1st April 2020. In a slew of management restructuring, the company has also informed in a regulatory filing that Pawan Goenka, Managing Director of the company has been reappointed in his role. Goenka has also been given additional charge of Chief Executive Officer, for a year, effective 1 April, 2020.
Meanwhile, Anish Shah, current Group President, strategy, will transition into the role of Chief Financial Officer of the company, effective from 1st April 2020 to 1st April 2021. He will succeed VS Parthasarathy, who is currently the CFO and will be appointed as the MD and CEO at the company for a period of four years beginning April 2021.
In another role transition, Rajesh Jejurikar, current President, farm equipment sector at the M&M, has been named as the executive director for automotive and farm sectors for a period of four years, effective from 1st April 2020.
Announcing these changes, Anand Mahindra, Chairman, Mahindra Group, stated, “This plan reflects M&M’s depth of management talent and will ensure continuity in terms of culture, values, governance and operational effectiveness. In my new role, I see myself as the conscience keeper of the Mahindra Group, as the custodian of its values and the watchdog of the interests of its shareholders. Internal audit will continue to report to me. I will continue to exercise oversight through the Board."
The company has also informed that further changes will ensue, both at the group corporate office and auto and farm sectors.
With these changes, the Mahindra group has kicked in-process the leadership transition plan to ensure good governance and smooth functioning prevails in the group post Anand Mahindra’s transition. In this direction, Anand Mahindra will serve as a mentor and sounding board for the Managing Director on issues to be presented to the board, especially in the areas of strategic planning, risk mitigation and external interface. In addition, he will be available to provide feedback and counsel to the Managing Director on key issues facing the enterprise.
Though Anand will not be steering the group actively, his business acumen will be something the group will continue to leverage amid testing times for the automobiles industry and for most businesses in general.